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Compute the amount of gross pro?t to be recognized

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During 2020, Sandhill Company started a construction job with a contract price of $1,590,000. The job was completed in 2022. The following information is available.

                                                      2020                       2021                      2022

Costs incurred to date              $396,000           $306,600           $1,080,000

Estimated costs to complete        594,000           233,400                   -0-

Billings to date                          301,000            892,000           1,590,000

Collections to date                    268,000              816,000           1,422,000

Question 1: Compute the amount of gross pro?t to be recognized each year. assuming the percentage-of-completion method is used.

Reference no: EM132489714

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